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Trading statements

Nanoco warns of fall in revenues

08 August 2016 13:55

Nanoco has warned that revenues for the year ended 31 July will be down on last time.

The company, which develops quantum dots that are used in ultra-high definition TVs and monitors, lighting and solar cells, took a major strategic step earlier this to move from an exclusive to a non-exclusive model in the display market. This included changing its licence agreement with Dow Chemical.

Unaudited revenues in the year were £1.9 million (FY 2015: £2.0 million). The balance sheet had unaudited net cash of £14.4 million at 31 July 2016 compared with £18.3 million at 31 January 2016 (31 July 2015: £24.3 million). It said the unaudited revenue and cash figures were in line with the board's expectations.

Nanoco says the new strategy has enabled it to open up additional routes into the display market and lower revenue and net cash figures are in line with its forecasts.

The board remains confident of achieving progress in the current year and beyond.

At 1:55pm: (LON:NANO) Nanoco Group PLC share price was -4.75p at 65p

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